Wynn Resorts Misses

Wynn Resorts (WYNN) reported 4th Quarter December 2017 earnings of $1.40 per share on revenue of $1.7 billion. The consensus earnings estimate was $1.36 per share on revenue of $1.5 billion. The Earnings Whisper number was $1.45 per share. Revenue grew 29.9% on a year-over-year basis.

Wynn Resorts Ltd is a developer, owner and operator of destination casino resorts. It owns and operates two destination casino resorts namely Wynn Las Vegas and Encore at Wynn Macau.

Net revenues were $1.69 billion for the fourth quarter of 2017, an
increase of 29.9%, or $388.7 million, from $1.30 billion for the same
period of 2016. The increase in net revenues was the result of increases
of $274.7 million from Wynn Palace and $120.2 million from Wynn Macau,
partially offset by a decrease of $6.2 million from our Las Vegas
Operations.

On a U.S. generally accepted accounting principles ("GAAP") basis, net
income attributable to Wynn Resorts, Limited was $491.7 million, or
$4.77 per diluted share, for the fourth quarter of 2017, compared to
$113.8 million, or $1.12 per diluted share, for the same period of 2016.
The increase in net income attributable to Wynn Resorts, Limited was
primarily the result of the income tax benefit from U.S. tax reform and
increases in operating income from Wynn Palace and Wynn Macau, partially
offset by a smaller decrease in the Redemption Note fair value. Adjusted
net income attributable to Wynn Resorts, Limited (1) was $144.3 million,
or $1.40 per diluted share, for the fourth quarter of 2017, compared to
$50.8 million, or $0.50 per diluted share, for the same period of 2016.

During the fourth quarter of 2017, legislation commonly known as the
U.S. Tax Cuts and Jobs Act ("U.S. tax reform") was enacted. As a result,
fourth quarter 2017 results reflect an estimated net tax benefit of
$339.9 million in accordance with GAAP as a result of revaluing the
Companys U.S. deferred tax assets and liabilities. This estimated net
benefit is based on the Companys initial analysis of the U.S. tax
reform and may be adjusted in future periods as the Company collects
additional information and evaluates any regulatory guidance.

Adjusted Property EBITDA (2) was $480.2 million for the fourth quarter
of 2017, an increase of 40.9%, or $139.3 million, from $340.9 million
for the same period of 2016, primarily the result of increases of $112.6
million from Wynn Palace and $37.2 million from Wynn Macau, partially
offset by a decrease of $10.5 million from our Las Vegas Operations.

For the full year, net revenues were $6.31 billion in 2017, an increase
of 41.2%, or $1.84 billion, from $4.47 billion for the same period of
2016. The increase in net revenues was the result of increases of $1.56
billion, $221.7 million and $62.5 million from Wynn Palace, which opened
in August 2016, Wynn Macau and our Las Vegas Operations, respectively.

On a GAAP basis, net income attributable to Wynn Resorts, Limited was
$747.2 million, or $7.28 per diluted share, in 2017, compared to $242.0
million, or $2.38 per diluted share, for the same period of 2016. The
increase in net income attributable to Wynn Resorts, Limited was
primarily the result of the income tax benefit from U.S. tax reform and
increases in operating income from Wynn Palace, Wynn Macau and our Las
Vegas Operations, partially offset by increases in the Redemption Note
fair value and interest expense as the Company is no longer capitalizing
interest on Wynn Palace. Adjusted net income attributable to Wynn
Resorts, Limited (1) was $560.5 million, or $5.46 per diluted share, in
2017, compared to $345.9 million, or $3.40 per diluted share, for the
same period of 2016.

Adjusted Property EBITDA (2) was $1.81 billion in 2017, an increase of
43.8%, or $551.4 million, from $1.26 billion for the same period of
2016. The increase in Adjusted Property EBITDA was the result of
increases of $424.5 million, $79.2 million, $47.7 million from Wynn
Palace, Wynn Macau and our Las Vegas Operations, respectively.

Wynn Resorts, Limited also announced today that the Company has approved
a cash dividend of $0.50 per share, payable on February 27, 2018 to
stockholders of record as of February 15, 2018.

Macau Operations

Wynn Macau

Net revenues from Wynn Macau were $618.6 million for the fourth quarter
of 2017, a 24.1% increase from $498.4 million for the same period of
2016. Adjusted Property EBITDA from Wynn Macau was $186.0 million for
the fourth quarter of 2017, a 25.0% increase from $148.9 million for the
same period of 2016.

Casino revenues from Wynn Macau were $582.9 million for the fourth
quarter of 2017, a 25.3% increase from $465.3 million for the same
period of 2016. Table games turnover in VIP operations was $15.62
billion, a 44.7% increase from $10.80 billion for the fourth quarter of
2016. VIP table games win as a percentage of turnover (calculated before
commissions) was 2.89%, within the expected range of 2.7% to 3.0% and
below the 3.08% we experienced in the fourth quarter of 2016. Table drop
in mass market operations was $1.25 billion, a 14.1% increase from $1.10
billion for the fourth quarter of 2016. Table games win in mass market
operations was $230.1 million, an 18.6% increase from $193.9 million for
the fourth quarter of 2016. Table games win percentage in mass market
operations was 18.4%, above the 17.7% experienced for the fourth quarter
of 2016. Slot machine handle was $937.6 million, a 16.8% increase from
$802.6 million for the fourth quarter of 2016, while slot machine win
increased 25.3% to $40.8 million.

Non-casino revenues before promotional allowances from Wynn Macau were
$73.9 million for the fourth quarter of 2017, a 14.5% increase from the
$64.6 million for the same period of 2016. Room revenues were flat at
$25.9 million for the fourth quarter of 2017, compared to the same
period of 2016. Our average daily rate ("ADR") was $258, a 1.5% decrease
from $262 for the fourth quarter of 2016. Occupancy increased to 99.4%
for the fourth quarter of 2017, from 96.3% for the same period of 2016.
Revenue per available room ("REVPAR") was $257, a 2.0% increase from
$252 for the fourth quarter of 2016.

Wynn Palace

Net revenues from Wynn Palace were $693.4 million for the fourth quarter
of 2017, a 65.6% increase from $418.7 million for the same period of
2016. Adjusted Property EBITDA from Wynn Palace was $190.1 million for
the fourth quarter of 2017, a 145.3% increase from $77.5 million for the
same period of 2016.

Casino revenues from Wynn Palace were $648.6 million for the fourth
quarter of 2017, a 73.8% increase from $373.2 million for the same
period of 2016. Table games turnover in VIP operations was $16.23
billion, a 57.1% increase from $10.33 billion for the fourth quarter of
2016. VIP table games win as a percentage of turnover (calculated before
commissions) was 3.02%, above the expected range of 2.7% to 3.0% and the
2.68% we experienced in the fourth quarter of 2016. Table drop in mass
market operations was $1.12 billion, a 55.1% increase from $725.0
million for the fourth quarter of 2016. Table games win in mass market
operations was $264.5 million, a 65.7% increase from $159.6 million for
the fourth quarter of 2016. Table games win percentage in mass market
operations was 23.5%, above the 22.0% experienced for the fourth quarter
of 2016. Slot machine handle was $920.6 million, a 72.3% increase from
$534.4 million for the fourth quarter of 2016, while slot machine win
increased 96.2% to $55.0 million.

Non-casino revenues before promotional allowances from Wynn Palace were
$90.8 million for the fourth quarter of 2017, a 5.5% increase from $86.1
million for the same period of 2016. Room revenues were $38.9 million
for the fourth quarter of 2017, a 4.1% decrease from $40.6 million for
the same period of 2016. ADR was $236, a 13.2% decrease from $272 for
the fourth quarter of 2016. Occupancy increased to 96.8% for the fourth
quarter of 2017, from 88.4% for the same period of 2016. REVPAR was
$228, a 5.4% decrease from $241 for the fourth quarter of 2016.

Las Vegas Operations

Net revenues from our Las Vegas Operations were $377.0 million for the
fourth quarter of 2017, a 1.6% decrease from $383.3 million for the same
period of 2016. Adjusted Property EBITDA from our Las Vegas Operations
was $104.1 million for the fourth quarter of 2017, a 9.2% decrease from
$114.6 million for the same period of 2016.

Casino revenues from our Las Vegas Operations were $142.7 million for
the fourth quarter of 2017, a 14.1% decrease from $166.0 million for the
same period of 2016. Table games drop was $430.8 million, a 4.8%
decrease from $452.5 million for the fourth quarter of 2016. Table games
win was $101.3 million, an 18.6% decrease from $124.5 million for the
fourth quarter of 2016. Table games win percentage was 23.5%, within the
expected range of 21% to 25% and below the 27.5% experienced for the
fourth quarter of 2016. Slot machine handle was $833.2 million, a 3.3%
decrease from $862.1 million for the fourth quarter of 2016, while slot
win decreased 1.2% to $56.6 million.

Non-casino revenues before promotional allowances from our Las Vegas
Operations were $275.2 million for the fourth quarter of 2017, a 5.8%
increase from $260.2 million for the same period of 2016. Room revenues
were $107.8 million for the fourth quarter of 2017, a 1.9% increase from
$105.7 million for the same period of 2016. ADR was $305, a 4.8%
increase from $291 for the fourth quarter of 2016. Occupancy decreased
to 82.1% for the fourth quarter of 2017, from 84.1% for the same period
of 2016. REVPAR was $250, a 2.0% increase from $245 for the fourth
quarter of 2016. Food and beverage revenues increased 9.9%, to $108.0
million for the fourth quarter of 2017, compared to the same period of
2016. Entertainment, retail and other revenues increased 5.8%, to $59.5
million for the fourth quarter of 2017, compared to the same period of
2016.

Retail Joint Venture

In December 2016, the Company entered into a joint venture arrangement
(the "Retail Joint Venture"), of which the Company owns 50.1%, with
Crown Acquisitions Inc. ("Crown") to own and operate approximately
88,000 square feet of existing retail space at Wynn Las Vegas. In
November 2017, the Company contributed approximately 74,000 square feet
of additional retail space to the Retail Joint Venture, the majority of
which is currently under construction at Wynn Las Vegas, and received
cash of $180.0 million from Crown. The Company expects to open the
additional retail space in the third quarter of 2018. Based on the
applicable accounting guidance, the Company will continue to consolidate
the Retail Joint Venture in its consolidated financial statements.

Wynn Boston Harbor Project in Massachusetts

The Company is currently constructing Wynn Boston Harbor, an integrated
resort in Everett, Massachusetts, located adjacent to Boston along the
Mystic River. The resort will contain a hotel, a waterfront boardwalk,
meeting and convention space, casino space, a spa, retail offerings and
food and beverage outlets. The total project budget, including gaming
license fees, construction costs, capitalized interest, pre-opening
expenses and land costs, is estimated to be approximately $2.4 billion.
As of December 31, 2017, we have incurred $1.13 billion in total project
costs. We expect to open Wynn Boston Harbor in mid-2019.

Total debt outstanding at the end of the quarter was $9.63 billion,
including $3.60 billion of Macau related debt, $3.16 billion of Wynn Las
Vegas debt and $2.87 billion at the parent company and other.

During the fourth quarter of 2017, Wynn Macau, Limited redeemed the
remaining $403.6 million of untendered 5 1/4 % Senior Notes, due 2021
and recorded a $12.3 million loss on extinguishment of debt.

In December 2017, we reached agreements to acquire approximately 38
acres of land on the Las Vegas Strip directly across from Wynn Las Vegas
for $336.2 million, approximately 16 acres of which are subject to a
ground lease that expires in 2097. We currently expect to complete these
transactions in the first quarter of 2018.

Conference Call Information

The Company will hold a conference call to discuss its results on
January 22, 2018 at 9:00 a.m. PT (12:00 p.m. ET). Interested parties are
invited to join the call by accessing a live audio webcast at http://www.wynnresorts.com.

Forward-looking Statements

This release contains forward-looking statements regarding operating
trends and future results of operations. Such forward-looking statements
are subject to a number of risks and uncertainties that could cause
actual results to differ materially from those we express in these
forward-looking statements, including, but not limited to, our
dependence on Stephen A. Wynn, general global political and economic
conditions, adverse tourism trends, dependence on a limited number of
resorts, competition in the casino/hotel and resort industries,
uncertainties over the development and success of new gaming and resort
properties, construction risks, extensive regulation of our business,
pending or future legal proceedings, cybersecurity risk, the impact of
the U.S. tax reform, and our leverage and debt service. Additional
information concerning potential factors that could affect the Companys
financial results is included in the Companys Annual Report on Form
10-K for the year ended December 31, 2017 and the Companys other
periodic reports filed with the Securities and Exchange Commission. The
Company is under no obligation to (and expressly disclaims any such
obligation to) update or revise its forward-looking statements as a
result of new information, future events or otherwise.

Non-GAAP Financial Measures

(1) "Adjusted net income attributable to Wynn Resorts, Limited" is net
income attributable to Wynn Resorts, Limited before pre-opening
expenses, property charges and other, change in interest rate swap fair
value, change in Redemption Note fair value, loss on extinguishment of
debt, foreign currency remeasurement gain (loss), the impact from
enactment of U.S. tax reform, net of noncontrolling interests and income
taxes calculated using the specific tax treatment applicable to the
adjustments based on their respective jurisdictions. Adjusted net income
attributable to Wynn Resorts, Limited and adjusted net income
attributable to Wynn Resorts, Limited per diluted share are presented as
supplemental disclosures to financial measures in accordance with GAAP
because management believes that these non-GAAP financial measures are
widely used to measure the performance, and as a principal basis for
valuation, of gaming companies. These measures are used by management
and/or evaluated by some investors, in addition to income and earnings
per share computed in accordance with GAAP, as an additional basis for
assessing period-to-period results of our business. Adjusted net income
attributable to Wynn Resorts, Limited and adjusted net income
attributable to Wynn Resorts, Limited per diluted share may be different
from the calculation methods used by other companies and, therefore,
comparability may be limited.

(2) "Adjusted Property EBITDA" is net income before interest, income
taxes, depreciation and amortization, pre-opening expenses, property
charges and other, management and license fees, corporate expenses and
other (including intercompany golf course and water rights leases),
stock-based compensation, loss on extinguishment of debt, change in
interest rate swap fair value, change in Redemption Note fair value and
other non-operating income and expenses, and includes equity in income
from unconsolidated affiliates. Adjusted Property EBITDA is presented
exclusively as a supplemental disclosure because management believes
that it is widely used to measure the performance, and as a basis for
valuation, of gaming companies. Management uses Adjusted Property EBITDA
as a measure of the operating performance of its segments and to compare
the operating performance of its properties with those of its
competitors, as well as a basis for determining certain incentive
compensation. The Company also presents Adjusted Property EBITDA because
it is used by some investors as a way to measure a companys ability to
incur and service debt, make capital expenditures and meet working
capital requirements. Gaming companies have historically reported EBITDA
as a supplement to GAAP. In order to view the operations of their
casinos on a more stand-alone basis, gaming companies, including Wynn
Resorts, Limited, have historically excluded from their EBITDA
calculations pre-opening expenses, property charges, corporate expenses
and stock-based compensation, that do not relate to the management of
specific casino properties. However, Adjusted Property EBITDA should not
be considered as an alternative to operating income as an indicator of
the Companys performance, as an alternative to cash flows from
operating activities as a measure of liquidity, or as an alternative to
any other measure determined in accordance with GAAP. Unlike net income,
Adjusted Property EBITDA does not include depreciation or interest
expense and therefore does not reflect current or future capital
expenditures or the cost of capital. The Company has significant uses of
cash flows, including capital expenditures, interest payments, debt
principal repayments, income taxes and other non-recurring charges,
which are not reflected in Adjusted Property EBITDA. Also, Wynn Resorts
calculation of Adjusted Property EBITDA may be different from the
calculation methods used by other companies and, therefore,
comparability may be limited.

The Company has included schedules in the tables that accompany this
release that reconcile (i) net income attributable to Wynn Resorts,
Limited to adjusted net income attributable to Wynn Resorts, Limited,
(ii) operating income to Adjusted Property EBITDA, and (iii) net income
attributable to Wynn Resorts, Limited to Adjusted Property EBITDA.

WYNN RESORTS, LIMITED AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME

(in thousands, except per share data)

(unaudited)

Three Months Ended December 31,

Twelve Months Ended December 31,

2017

2016

2017

2016

Operating revenues:

Casino

$ 1,374,260

$ 1,004,533

$ 4,948,319

$ 3,268,141

Rooms

172,644

172,225

704,202

603,272

Food and beverage

153,135

132,442

690,942

601,514

Entertainment, retail and other

114,147

106,172

424,783

363,428

Gross revenues

1,814,186

1,415,372

6,768,246

4,836,355

Less: promotional allowances

(125,090 )

(114,939 )

(461,878 )

(370,058 )

Net revenues

1,689,096

1,300,433

6,306,368

4,466,297

Operating expenses:

Casino

894,294

651,208

3,197,729

2,079,740

Rooms

43,117

41,967

177,511

157,904

Food and beverage

86,985

80,754

410,825

375,234

Entertainment, retail and other

47,342

45,018

177,328

161,144

General and administrative

182,848

166,985

685,485

548,141

(Benefit) provision for doubtful accounts

(2,118 )

7,387

(6,711 )

8,203

Pre-opening

7,247

4,221

26,692

154,717

Depreciation and amortization

136,880

140,543

552,368

404,730

Property charges and other

(8,918 )

23,456

29,576

54,822

Total operating expenses

1,387,677

1,161,539

5,250,803

3,944,635

Operating income

301,419

138,894

1,055,565

521,662

Other income (expense):

Interest income

9,195

3,596

31,193

13,536

Interest expense, net of amounts capitalized

(96,789 )

(95,667 )

(388,664 )

(289,365 )

Change in interest rate swap fair value

--

2,126

(1,056 )

433

Change in Redemption Note fair value

10,282

84,282

(59,700 )

65,043

Loss on extinguishment of debt

(12,299 )

--

(55,360 )

--

Equity in income from unconsolidated affiliates

--

--

--

16

Other

(1,869 )

318

(21,709 )

(728 )

Other income (expense), net

(91,480 )

(5,345 )

(495,296 )

(211,065 )

Income before income taxes

209,939

133,549

560,269

310,597

Benefit (provision) for income taxes

334,025

(6,983 )

328,985

(8,128 )

Net income

543,964

126,566

889,254

302,469

Less: net income attributable to noncontrolling interests

(52,282 )

(12,766 )

(142,073 )

(60,494 )

Net income attributable to Wynn Resorts, Limited

$

491,682

$

113,800

$

747,181

$

241,975

Basic and diluted income per common share:

Net income attributable to Wynn Resorts, Limited:

Basic

$

4.80

$

1.12

$

7.32

$

2.39

Diluted

$

4.77

$

1.12

$

7.28

$

2.38

Weighted average common shares outstanding:

Basic

102,402

101,509

102,071

101,445

Diluted

103,065

101,910

102,598

101,855

Dividends declared per common share:

$

0.50

$

0.50

$

2.00

$

2.00

WYNN RESORTS, LIMITED AND SUBSIDIARIES

RECONCILIATION OF NET INCOME ATTRIBUTABLE TO WYNN RESORTS,

LIMITED

TO ADJUSTED NET INCOME ATTRIBUTABLE TO WYNN RESORTS, LIMITED

(in thousands, except per share data)

(unaudited)

Three Months Ended December 31,

Twelve Months Ended December 31,

2017

2016

2017

2016

Net income attributable to Wynn Resorts, Limited

$ 491,682

$ 113,800

$ 747,181

$ 241,975

Pre-opening expenses

7,247

4,221

26,692

154,717

Property charges and other

(8,918 )

23,456

29,576

54,822

Change in interest rate swap fair value

--

(2,126 )

1,056

(433 )

Change in Redemption Note fair value

(10,282 )

(84,282 )

59,700

(65,043 )

Loss on extinguishment of debt

12,299

--

55,360

--

Foreign currency remeasurement (gain) loss

1,869

(318 )

21,709

728

Income tax impact on adjustments

(8,158 )

(4,611 )

(19,911 )

(3,013 )

Impact of U.S. tax reform

(339,921 )

--

(339,921 )

--

Noncontrolling interests impact on adjustments

(1,489 )

635

(20,972 )

(37,838 )

Adjusted net income attributable to Wynn Resorts, Limited

$ 144,329

$

50,775

$ 560,470

$ 345,915

Adjusted net income attributable to Wynn Resorts, Limited per

$

1.40

$

0.50

$

5.46

$

3.40

diluted share

Weighted average common shares outstanding - diluted

103,065

101,910

102,598

101,855

WYNN RESORTS, LIMITED AND SUBSIDIARIES

RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED PROPERTY

EBITDA

(in thousands)

(unaudited)

Three Months Ended December 31, 2017

Operating

Pre-opening

Depreciation

Property

Management

Corporate

Stock-based

Adjusted

income

expenses

and

charges and

and license

expense

compensation

Property

(loss)

amortization

other

fees

and other

EBITDA

Macau Operations:

Wynn Macau

$ 133,923

$ --

$

23,249

$ (1,244 )

$

24,042

$

3,499

$

2,560

$ 186,029

Wynn Palace

101,443

--

64,475

(7,590 )

27,014

3,213

1,541

190,096

Other Macau

(2,686 )

--

1,107

16

--

1,395

168

--

Total Macau Operations

232,680

--

88,831

(8,818 )

51,056

8,107

4,269

376,125

Las Vegas Operations

37,338

(522 )

45,318

(5,059 )

17,352

8,995

679

104,101

Corporate and Other

31,401

7,769

2,731

4,959

(68,408 )

11,815

9,733

--

Total

$ 301,419

$

7,247

$ 136,880

$ (8,918 )

$ --

$ 28,917

$ 14,681

$ 480,226

Three Months Ended December 31, 2016

Operating

Pre-opening

Depreciation

Property

Management

Corporate

Stock-based

Adjusted

income

expenses

and

charges and

and license

expense

compensation

Property

(loss)

amortization

other

fees

and other

EBITDA

Macau Operations:

Wynn Macau

$

95,622

$ --

$

23,997

$

1,291

$

18,846

$

4,643

$

4,467

$ 148,866

Wynn Palace

(8,035 )

(1,371 )

64,722

243

16,510

4,360

1,060

77,489

Other Macau

(2,755 )

--

1,130

1

--

1,644

(20 )

--

Total Macau Operations

84,832

(1,371 )

89,849

1,535

35,356

10,647

5,507

226,355

Las Vegas Operations

40,046

75

47,768

7,848

12,072

5,751

1,029

114,589

Corporate and Other

14,016

5,517

2,926

14,073

(47,428 )

3,070

7,826

--

Total

$ 138,894

$

4,221

$ 140,543

$ 23,456

$ --

$ 19,468

$ 14,362

$ 340,944

WYNN RESORTS, LIMITED AND SUBSIDIARIES

RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED PROPERTY

EBITDA

(in thousands) (unaudited)

(continued)

Twelve Months Ended December 31, 2017

Operating

Pre-opening

Depreciation

Property

Management

Corporate

Stock-based

Adjusted

income

expenses

and

charges and

and license

expense

compensation

Property

(loss)

amortization

other

fees

and other

EBITDA

Macau Operations:

Wynn Macau

$

540,341

$ --

$

97,292

$

6,688

$

96,769

$

11,085

$

8,577

$

760,752

Wynn Palace

157,886

--

258,224

12,663

83,534

9,957

5,319

527,583

Other Macau

(15,201 )

--

4,483

179

--

9,875

664

--

Total Macau Operations

683,026

--

359,999

19,530

180,303

30,917

14,560

1,288,335

Las Vegas Operations

242,457

226

181,879

4,598

64,598

26,578

2,061

522,397

Corporate and Other

130,082

26,466

10,490

5,448

(244,901 )

45,065

27,350

--

Total

$ 1,055,565

$

26,692

$ 552,368

$ 29,576

$ --

$ 102,560

$ 43,971

$ 1,810,732

Twelve Months Ended December 31, 2016

Operating

Pre-opening

Depreciation

Property

Management

Corporate

Stock-based

Adjusted

income

expenses

and

charges and

and license

expense

compensation

Property

(loss)

amortization

other

fees

and other

EBITDA

Macau Operations:

Wynn Macau

$

465,112

$ --

$

98,527

$

5,497

$

86,000

$

13,839

$ 12,534

$

681,509

Wynn Palace

(162,637 )

129,773

105,884

430

23,064

5,207

1,315

103,036

Other Macau

(16,777 )

--

3,509

1

--

12,311

956

--

Total Macau Operations

285,698

129,773

207,920

5,928

109,064

31,357

14,805

784,545

Las Vegas Operations

178,379

2,274

185,117

34,837

51,035

20,075

3,065

474,782

Corporate and Other

57,585

22,670

11,693

14,073

(160,099 )

28,730

25,348

--

Total

$

521,662

$

154,717

$ 404,730

$ 54,838

$ --

$

80,162

$ 43,218

$ 1,259,327

WYNN RESORTS, LIMITED AND SUBSIDIARIES

RECONCILIATION OF NET INCOME ATTRIBUTABLE TO WYNN RESORTS,

LIMITED TO

ADJUSTED PROPERTY EBITDA

(in thousands)

(unaudited)

Three Months Ended December 31,

Twelve Months Ended December 31,

2017

2016

2017

2016

Net income attributable to Wynn Resorts, Limited

$ 491,682

$ 113,800

747,181

$

241,975

Net income attributable to noncontrolling interests

52,282

12,766

142,073

60,494

Pre-opening expenses

7,247

4,221

26,692

154,717

Depreciation and amortization

136,880

140,543

552,368

404,730

Property charges and other

(8,918 )

23,456

29,576

54,822

Corporate expense and other

28,917

19,468

102,560

80,162

Stock-based compensation

14,681

14,362

43,971

43,218

Interest income

(9,195 )

(3,596 )

(31,193 )

(13,536 )

Interest expense, net of amounts capitalized

96,789

95,667

388,664

289,365

Change in interest rate swap fair value

--

(2,126 )

1,056

(433 )

Change in Redemption Note fair value

(10,282 )

(84,282 )

59,700

(65,043 )

Loss on extinguishment of debt

12,299

--

55,360

--

Other

1,869

(318 )

21,709

728

(Benefit) provision for income taxes

(334,025 )

6,983

(328,985 )

8,128

Adjusted Property EBITDA

$ 480,226

$ 340,944

$ 1,810,732

$ 1,259,327

WYNN RESORTS, LIMITED AND SUBSIDIARIES

SUPPLEMENTAL DATA SCHEDULE

(dollars in thousands, except for win per unit per day, ADR and

REVPAR)

(unaudited)

Three Months Ended December 31,

Twelve Months Ended December 31,

2017

2016

2017

2016

Macau Operations:

Wynn Macau:

VIP:

Average number of table games

102

83

96

149

VIP turnover

$ 15,622,932

$ 10,796,516

$ 58,303,836

$ 47,048,754

VIP table games win

$

451,486

$

332,586

$

1,907,625

$

1,547,261

VIP table games win as a % of turnover

2.89 %

3.08 %

3.27 %

3.29 %

Table games win per unit per day (1)

$

48,267

$

43,419

$

54,726

$

28,332

Mass market:

Average number of table games

202

182

204

216

Table drop (2)

$

1,250,994

$

1,096,204

$

4,525,727

$

4,585,476

Table games win

$

230,053

$

193,921

$

880,964

$

881,797

Table games win %

18.4 %

17.7 %

19.5 %

19.2 %

Table games win per unit per day (1)

$

12,370

$

11,590

$

11,820

$

11,131

Average number of slot machines

934

845

914

802

Slot machine handle

$

937,622

$

802,630

$

3,526,747

$

3,386,973

Slot machine win

$

40,818

$

32,582

$

154,425

$

145,680

Slot machine win per unit per day (3)

$

475

$

419

$

463

$

497

Room statistics:

Occupancy

99.4 %

96.3 %

97.5 %

94.4 %

ADR (4)

$

258

$

262

$

257

$

293

REVPAR (5)

$

257

$

252

$

251

$

277

Wynn Palace (6):

VIP:

Average number of table games

112

86

104

81

VIP turnover

$ 16,232,654

$ 10,329,574

$ 52,573,258

$ 14,480,023

VIP table games win

$

489,643

$

276,499

$

1,486,674

$

396,954

VIP table games win as a % of turnover

3.02 %

2.68 %

2.83 %

2.74 %

Table games win per unit per day (1)

$

47,395

$

35,151

$

39,325

$

37,009

Mass market:

Average number of table games

197

233

202

245

Table drop (2)

$

1,124,702

$

724,982

$

3,490,363

$

1,000,881

Table games win

$

264,492

$

159,620

$

795,159

$

211,146

Table games win %

23.5 %

22.0 %

22.8 %

21.1 %

Table games win per unit per day (1)

$

14,623

$

7,461

$

10,759

$

6,527

Average number of slot machines

983

888

1,026

962

Slot machine handle

$

920,641

$

534,391

$

3,053,614

$

738,907

Slot machine win

$

55,042

$

28,054

$

165,754

$

40,664

Slot machine win per unit per day (3)

$

609

$

344

$

443

$

320

Room statistics:

Occupancy

96.8 %

88.4 %

96.2 %

83.2 %

ADR (4)

$

236

$

272

$

237

$

276

REVPAR (5)

$

228

$

241

$

227

$

230

WYNN RESORTS, LIMITED AND SUBSIDIARIES

SUPPLEMENTAL DATA SCHEDULE

(dollars in thousands, except for win per unit per day, ADR and

REVPAR)

(continued) (unaudited)

Three Months Ended December 31,

Twelve Months Ended December 31,

2017

2016

2017

2016

Las Vegas Operations:

Average number of table games

235

232

236

235

Table drop (2)

$ 430,821

$ 452,517

$ 1,804,988

$ 1,838,479

Table games win

$ 101,290

$ 124,469

$

465,664

$

465,041

Table games win %

23.5 %

27.5 %

25.8

%

25.3 %

Table games win per unit per day (1)

$

4,692

$

5,837

$

5,415

$

5,406

Average number of slot machines

1,834

1,908

1,856

1,893

Slot machine handle

$ 833,207

$ 862,052

$ 3,183,369

$ 3,148,610

Slot machine win

$

56,557

$

57,238

$

218,897

$

208,024

Slot machine win per unit per day (3)

$

335

$

326

$

323

$

300

Room statistics:

Occupancy

82.1 %

84.1 %

86.9

%

85.3 %

ADR (4)

$

305

$

291

$

305

$

296

REVPAR (5)

$

250

$

245

$

265

$

252

(1) Table games win per unit per day is shown before discounts and
commissions, as applicable. (2) In Macau, table drop is the amount
of cash that is deposited in a gaming tables drop box plus cash chips
purchased at the casino cage. In Las Vegas, table drop is the amount of
cash and net markers issued that are deposited in a gaming tables drop
box. (3) Slot machine win per unit per day is calculated as gross
slot machine win minus progressive accruals and free play. (4) ADR
is average daily rate and is calculated by dividing total room revenues
including the retail value of promotional allowances (less service
charges, if any) by total rooms occupied including complimentary rooms. (5)
REVPAR is revenue per available room and is calculated by dividing total
room revenues including the retail value of promotional allowances (less
service charges, if any) by total rooms available. (6) Wynn Palace
opened on August 22, 2016.